Hoemwork question

Comp pays expenses of 50,000 during the year and accrues expenses of 5000 at year end, what ere the total expenses for the year. I said 55000. Am I correct

It would depend on what expenses were accrued at the BEGINNING of the year. If there were no expenses accrued at the beginning of the year than yes you are correct. If there were expenses accrued at the beginning of the year subtract that number from your 55K and that would be your expense because you would had already pick-up those expenses in a prior period.